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Bankruptcy filings reach 1.19 million in September for the year. While this number is large, bankruptcies are actually down more than 3% this year. For the month of September, bankruptcy filings were flat on a year to year comparison with slightly more than 127,500 made. The decline of bankruptcies in the first half of this year is the first since the year 2000.
Part of the slowdown in bankruptcies may be attributed to credit card holders paying off more of their credit card debt each month. Consumers are now paying about 18% of their debt while they were only paying 15% three years ago.
Part of the slowdown in bankruptcies may be attributed to credit card holders paying off more of their credit card debt each month. Consumers are now paying about 18% of their debt while they were only paying 15% three years ago.